case 1) Normal business income 10,000
Speculative income 2,00,000
Depriciation 15,000
COI shows as 5000(10000-15000) is set off against 200000 and net income 195000 which means depri which remains unabsorbed by normal B&P can be set off against speculative

case 2) speculative income only - 2,00,000
depri - 15000
COI shows as 200000 which means that depri cannot be set off against speculative income

what is correct ?
can depri be set off against speculative income ? if no then why is it set off as in case 1
if yes then why is it not set off as in case 2

Dear Sir,
Kindly hear carefully, I changed my Firm into LLP, due to which Bank Account of Firm get closed. But after sometime we realized that there was refund. Now we checked status of refund which is showing " Refund failed due to Bank Account Closed"
My clear question is that How to get refund now ?

Sir, I have a read some where or mis read it but i want to confirm that , The investemnt made U/s 80C is eligible for deduction if made out of taxable income of current year.
Since one of our Client is NRI he is having FDR Interest income and he send every year Rs 1.5 Lacs to his brother who deposits the same in PPF account is the deduction allowed to him.

Hello,

From the income tax website in order to register as representative assesee I need

1. Letter from bank stating I am the nominee/ joint account holder of the deceased account holder. (proof of legal heir)
2. Indemnity bond from all heir.

Is there any format for Item 1? If so can anyone forward it to me?
I could find the format for Item #2 on income tax website.

Thanks

Sir,

In the FY 2020 - 21, we were under QRMP scheme. While filing the GSTR1 return for Q4 in March 21, we
ommited the sales for the month of Jan and Feb ( B 2 C sales ) and entered only the turnover for that month in the relevant table. Later, in April 21, we realized the mistake and filed an amendment for
B2C sales for March 21 in GSTR 1 of April 21.
But, ironically, now we find that, a portion of the B2B sales also has been included in the amendment made in B2C table.
When we went for another amendment in the subsequent GSTR 1 return, the portal is not permitting us to do so, stating that, already an amendment has been made.
Now, how shall we rectify the error.
Pls. advice.

If someone had purchased fixed asset on credit and defaults in making the payment of fixed asset payment . still he is able to claim the depreciation and what is the treatment in income tax

Dear Sir, Thanks for your time for reading out my query and answering it.

Company A has acquired controlling interest (52% shares) in Company B on 15 April 2020 by subscribing to further issue of shares by Company B, face value Rs 10 at a premium of let's say, Rs 15 per share.

Thus net assets of Company B increased from eg Rs 500,000 on 1 April 2020 to Rs 12,50,000 on 15 April 2020 due to receiving the share application & securities premium premium money.

Assuming Company B did not earn any profit during this period, What value of Net assets will be considered for the purpose of Goodwill calculation?

Will it be Rs 5,00,000 or Rs 12,50,000 ?

I had filed form ITR 2 based on Form 16 for AY 2020-21. After that, I received intimation under 143 (1) (a) (ii) saying incorrect claim u/s 143 (1) (a)(ii)-"Exempt Allowance Sec 10(13A) is more than minimum of :a) 50% of (Basic + DA) orb) HRA .Hence amount exempt u/s 10(13A) is recomputed accordingly".
So, I replied to the intimation with the calculation. Then, I received demand notice under sec 154 saying that xxxxx amount need to be paid. So, I filed rectification request where I requested reprocessing of ITR. Again, I received demand notice. Request your help in this.
I have rent agreement and form 16 B where exemption under sec 10 (13 A) is captured.

I raised a housing loan for purchasing a Flat under a subvention plan and the possession of the flat was given in September 2020 and I paid the interest component of the loan (Pre-EMI) till February 2021 and started the EMI thereafter. Can I claim the rebate on Pre-EMI interest paid for filing my ITR?

We have applied for GST Refund for Inverted Tax Structure , we have received deficiency memo that document uploaded are insuffucient,
Please help us what documents to be uploaded.
Thanks